Musk sells $4 billion in Tesla shares after Twitter deal
The Tesla chief sold nearly $4 billion worth of shares in the electric car company after Twitter agreed to his bid of $44 billion to take over the platform.
Tesla CEO Elon Musk sold nearly $4 billion in Tesla stock in the days following Twitter's board's approval of his $44 billion buyout of the social media site.
According to filings with the Securities and Exchange Commission, the US market regulator, Musk sold 4.4 million Tesla shares on Tuesday and Wednesday.
Musk now owns slightly more than 168 million shares in Tesla through a trust.
No further TSLA sales planned after today— Elon Musk (@elonmusk) April 29, 2022
Musk has offered up to $21 billion from his personal money to finance his buyout of Twitter, which was announced on Monday, with the remainder covered by debt.
Many investors and experts have raised reservations about whether the transaction would be completed, citing issues about funding and Musk's ability to focus on Tesla.
Twitter's stock is now trading at a far lower price than Musk's offer of $54.20 per share. On Wall Street, it finished at $49.11 on Thursday.